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    Connor Jensen • Raymond James

    Connor Jensen's questions to Natural Gas Services Group Inc (NGS) leadership

    Connor Jensen's questions to Natural Gas Services Group Inc (NGS) leadership • Q2 2025

    Question

    Connor Jensen of Raymond James questioned the reason for the decline in total fleet horsepower while rented horsepower increased, asking about divestments or retirements. He also asked if the company was actively pursuing opportunities in gassier basins to meet LNG demand or focusing primarily on the Permian.

    Answer

    CEO Justin Jacobs clarified that the change in total horsepower was due to an ongoing review and retirement or sale of some small and medium horsepower equipment. Regarding basin strategy, Jacobs stated that NGS is looking at new opportunities in all basins where it operates and noted that 'green shoots' in gassier basins are creating incremental demand for both small and large horsepower units.

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    Connor Jensen's questions to Patterson-UTI Energy Inc (PTEN) leadership

    Connor Jensen's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q2 2025

    Question

    Connor Jensen of Raymond James noted the strong performance of the Ultera drilling products business and asked about its key growth drivers, including international market share gains and offshore prospects. He also inquired about cost-saving measures being implemented in the softer market.

    Answer

    President & CEO William Hendricks explained that Ultera tends to gain share in softer markets as customers focus on efficiency, and highlighted growth opportunities in the Middle East, North Africa, and offshore markets. EVP & CFO Andrew Smith added that cost controls include headcount reductions, facility consolidations, and a major ERP system conversion designed to improve long-term efficiency.

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    Connor Jensen's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q1 2025

    Question

    Connor Jensen noted that the company's rig count was trending above its flat Q2 guidance and asked for visibility on potential idled rigs. He also requested more detail on cost control initiatives within the completions business.

    Answer

    CEO William Hendricks confirmed they have line of sight on a 'small number' of rigs that could be idled but reiterated the overall expectation for a 'relatively steady' quarter with the potential for slight softening. Regarding costs, he explained that the completions team continues to realize synergies from last year's integration, which is improving the cost structure, supported by the segment's high-performance technology offering.

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    Connor Jensen's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q3 2024

    Question

    Connor Jensen asked for examples of remaining synergy opportunities from the NexTier and Ulterra integrations and for color on what is driving Ulterra's outperformance in the current market.

    Answer

    CEO William Hendricks identified further integration of services like Wireline and NexMile logistics as remaining opportunities. Regarding Ulterra, he credited their 'excellent job' of gaining share in a declining U.S. market and highlighted significant growth potential internationally, where their presence is still expanding.

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    Connor Jensen's questions to Kodiak Gas Services Inc (KGS) leadership

    Connor Jensen's questions to Kodiak Gas Services Inc (KGS) leadership • Q1 2025

    Question

    Connor Jensen of Raymond James asked about the specific cost-side initiatives that have helped drive compression margins higher, beyond just price increases. He also inquired about how the new Permian training center is expected to alleviate labor market challenges.

    Answer

    CEO Mickey McKee highlighted the use of AI and machine learning for condition-based maintenance, which extends service cycles. CFO John Griggs added that fleet high-grading, such as exiting the Gas Tech business and selling non-core assets, and investments in workforce training have also been key drivers. Mr. McKee further explained the training center is a critical investment to accelerate employee development, which will improve margins and overall business success.

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    Connor Jensen's questions to Nov Inc (NOV) leadership

    Connor Jensen's questions to Nov Inc (NOV) leadership • Q1 2025

    Question

    Connor Jensen of Raymond James, on behalf of Jim Rollyson, inquired about the full-year 2025 margin outlook given the cautious second-half commentary and asked about the recent dip in the international revenue mix.

    Answer

    CFO Rodney Reed detailed the second-half outlook, projecting modest consolidated revenue growth of 1-2% from the first half, with EBITDA margins expected to be flattish due to macro uncertainty and tariffs. President and COO Jose Bayardo explained the international revenue dip was seasonal and reiterated that international markets are expected to be more resilient than North America, which is now projected to see a double-digit activity decline.

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